Home Depot Reports Strong Q3 2024 Earnings

Home Depot ( (HD) ) has released its Q3 earnings. Here is a breakdown of the information Home Depot presented to its investors.

Home Depot, the world’s largest home improvement retailer, operates over 2,345 retail stores worldwide, serving millions of customers with a wide range of home improvement products and services. In its third-quarter fiscal 2024 earnings report, Home Depot announced a 6.6% increase in sales to $40.2 billion compared to the same period last year, despite a slight drop in comparable sales. The company’s net earnings were $3.6 billion, or $3.67 per diluted share, slightly down from the previous year. Operating income remained steady at $5.4 billion, with an operating margin of 13.5%. Notably, the adjusted operating income showed a minor improvement at $5.6 billion, with an adjusted operating margin of 13.8%. Despite macroeconomic uncertainties, Home Depot’s performance exceeded expectations, driven by strong engagement in seasonal goods and outdoor projects, boosted by weather normalization and hurricane-related demand. Looking ahead, Home Depot forecasts a 4% increase in total sales for fiscal 2024, aided by a 53-week period and contributions from SRS, despite a projected 2.5% decline in comparable sales. The company plans to expand with approximately 12 new stores and maintains a gross margin expectation of 33.5%. As Home Depot navigates through the fiscal year, it aims to build on its robust market presence while adapting to changing market conditions.